Gravitational-wave parameter estimation for compact binary signals typically relies on sequential estimation of the properties of the detector Gaussian noise and of the binary parameters. This procedure assumes that the noise variance, expressed through its power spectral density, is perfectly known in advance. We assess the impact of this approximation on the estimated parameters by means of an analysis that simultaneously estimates the noise and compact binary parameters, thus allowing us to marginalize over uncertainty in the noise properties. We compare the traditional sequential estimation method and the new full marginalization method using events from the GWTC-3 catalog. We find that the recovered signals and inferred parameters agree to within their statistical measurement uncertainty. At current detector sensitivities, uncertainty about the noise power spectral density is a subdominant effect compared to other sources of uncertainty.